I%26#039;m going to go down to the dealer soon to pick up a car I just purchased but I have to finalize with the finance department. I was told I have to talk to the finance manager when they finish running my credit... when I meet with the finance manager, do they pull out a credit report with credit card balances and credit limits? What is on the credit report if they do show it to you. I heard they%26#039;re not allowed to show it to you. Is this true?
Car dealers...finance department...do they show you a credit report?
I don%26#039;t know if they%26#039;re not allowed to but I know they never do. A few years back I read an article that said car dealers are encouraged to route buyers to finance companies that charge the highest interest. If they do, they get what amounts to a kick back from the finance companies. The last new car I bought I was told only one company would carry the papers and I couldn%26#039;t understand why since I had really good credit. Even when I repeatedly asked why, they just kept saying that was the only company I qualified for. Had they shown me the report I could have argued with them but since they didn%26#039;t, I couldn%26#039;t.
I think everyone is better off trying to get a bank loan or credit union loan if they possibly can.
Car dealers...finance department...do they show you a credit report?
They really are not supposed to show you. However if they do have your report, yes it shows balancese, limits, everything.
Car dealers...finance department...do they show you a credit report?
Technically, the entity that pulls your credit report owns the report and is not suppose to share that report with you, only tell you the credit score. I have been in the finance industry since 2003 and didn%26#039;t learn this until a year into my career.
No comments:
Post a Comment